Storebrand ASA (OSL:STB)
kr 147.6 -0.20 (-0.14%) Market Cap: 63.28 Bil Enterprise Value: 100.87 Bil PE Ratio: 13.86 PB Ratio: 2.03 GF Score: 42/100

Q3 2024 Storebrand ASA Earnings Call Transcript

Oct 23, 2024 / 08:00AM GMT
Release Date Price: kr125.5 (+3.72%)

Key Points

Positve
  • Storebrand ASA (SREDF) reported a record high operating result of NOK944 million, up by 36% year-on-year.
  • The company achieved double-digit growth across its business segments, driven by strong market positions and strategic initiatives.
  • Assets under management grew by 19% year-on-year, with a net flow of NOK14 billion in the quarter.
  • The Norwegian retail market saw a 19% year-on-year growth in premium volumes, with Storebrand ASA (SREDF) gaining market share.
  • The solvency position remains strong at 190%, supported by improved buffer capital rules and strong cash results year-to-date.
Negative
  • The P&C insurance results are still weak, with high claims inflation impacting profitability.
  • The insurance results are below the targeted level, despite improvements from previous quarters.
  • There is uncertainty regarding the ESA case, which affects the public occupational pension growth area.
  • The Norwegian paid-up policies saw a reduction in fees, impacting margins.
  • The company anticipates somewhat higher costs in the fourth quarter, maintaining a cost guidance of NOK5.9 billion for the full year.
Johannes Narum
Storebrand ASA - Head of Investor Relations

Good morning, ladies and gentlemen, and welcome to Storebrand's third quarter results presentation. Due to some technical issues, we started a few minutes later than scheduled today. We apologize for the inconvenience.

As usual, our CEO, Odd Grefstad, will present the key highlights of the quarter; followed by CFO, Lars Aasulv, who will dive deeper into the numbers. At the end of the presentation, participants in the teams webinar will have a chance to ask questions. Details on how to join the team's webinar are found on the Investor Relations website.

But without further ado, I give the word to our CEO, Odd Arild Grefstad.

Odd Grefstad
Storebrand ASA - Group Chief Executive Officer

Thank you, Johannes, and good morning, everyone. Let me give an overview of the third quarter's highlights. Storebrand's group cash-based earnings amounted to NOK1,507 million in the quarter. The operating result was NOK944 million, up by 36% year-on-year. The record strong operating result was driven

Already have an account? Log in
Get the full story
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot